Help for Underwater Mortgages

If you want to refinance but your home has declined in value, U.S. Bank may be able to help.

The Making Home Affordable Program of the U.S. Treasury Department allows eligible borrowers to refinance or modify their mortgage loans, resulting in more affordable home payments.

U.S. Bank is participating in the program and fully supports efforts to help families remain in their homes by working to lower monthly home mortgage payments.

Detailed information about the Making Home Affordable Program is available at To determine if you’re eligible for a HARP refinance or HAMP modification, please review the following information.

Avoid Mortgage Scams

Home Affordable Modification Program (HAMP)

You may be eligible for a HAMP modification through U.S. Bank if all of the following are true:

  • U.S. Bank currently services your home mortgage loan
  • You obtained your current mortgage before January 1, 2009
  • You occupy the home as your primary residence
  • You owe no more than $729,750 on your first mortgage
  • You are delinquent in your payments or, if current, are having difficulty paying your mortgage, perhaps due to a significant increase in your monthly payment, a reduction in income, or a hardship that has increased your expenses

If you answered "yes" to all of the above criteria, you may be eligible for a HAMP modification through U.S. Bank. Please contact any of our loan specialists to review your options and begin the application process. To locate a loan specialist in your area, call 855-698-7627.

Home Affordable Refinance Program (HARP)

In 2011, enhancements were made to the Home Affordability Refinance Program (HARP) to help homeowners refinance their current mortgage even if the value of the home has declined. Some of these changes, which are effective through September 30, 2017, include:

  • Updated loan-to-value ratio guidelines addressing declining property values
  • Updated guidelines regarding owner occupancy
  • New delinquency requirements – Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months
  • New documentation requirement – Verification of income source is now required

If you have a Freddie Mac or a Fannie Mae loan:

Learn more about the Home Affordability Refinance Program (HARP) and how it can help eligible borrowers take advantage of low interest rates and other refinancing benefits.

Other Options

If you are not eligible or do not qualify for a loan modification or refinance under the HAMP or HARP programs, U.S. Bank may have other options to help you with your mortgage loan.

We are committed to trying to help our borrowers under the Making Home Affordable Program. While not all borrowers are eligible and may not qualify under the program, we urge you to contact us if you are unable to make or are having difficulty making your loan payment.

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Find out in minutes how much you may be able to refinance.


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